FEATURED COMPANIES

The growth in the global oil and gas and petrochemical refineries is one of the critical reasons that will drive the advanced fiber-based gasket market. The increase in investments in oil and gas and petrochemical refining facilities have a positive impact on the adoption of advanced fiber-based gaskets. This is because these gaskets have high chemical resistivity and can withstand a wide range of temperatures. The increase in global refinery capacity resulting from the expansion in existing refinery complexes and the addition of new refineries will further drive the advanced fiber-based gasket market during the forecast period. The analysts have predicted that the advanced fiber-based gasket market will register a CAGR of almost 4% by 2023.

Market Overview

Adoption of advanced fiber-based gaskets to improve the performance of engineering equipment

One of the growth drivers of the global advanced fiber-based gasket market is the adoption of advanced fiber-based gaskets to improve the performance of engineering. The demand for advanced fiber-based gaskets is expected to increase owing to new equipment and aftermarket sales, which is driven by the need for replacement components for existing metallic gaskets.

The increasing use of adhesives and sealants

One of the challenges in the growth of the global advanced fiber-based gasket market is the increasing use of adhesives and sealants. The growing market for adhesives and sealants, coupled with improvements in sealant technology, is expected to hinder the growth of the global advanced fiber-based gasket market during the forecast period.

For the detailed list of factors that will drive and challenge the growth of the advanced fiber-based gasket market during 2019-2023, view this report.

Competitive Landscape

The market appears to be highly fragmented with the presence of several market players. Vendors in the market are investing in R&D of high-performance materials and coatings for gasket and seals, which can help them gain a competitive edge in the market. This market research report will help clients identify new growth opportunities and design unique growth strategies by providing a comprehensive analysis of the market’s competitive landscape and offering information on the products offered by companies.

Commenting on the report, an analyst from the research team said: “The latest trend gaining momentum in the market is the use of additive manufacturing technology in gasket production.”

According to the report, one of the major drivers for this market is the adoption of advanced fiber-based gaskets to improve the performance of engineering equipment.

Further, the report states that one of the major factors hindering the growth of this market is the increasing use of adhesives and sealants.

The study was conducted using an objective combination of primary and secondary information including inputs from key participants in the industry. The report contains a comprehensive market and vendor landscape in addition to a SWOT analysis of the key vendors.